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Visual21 Nov 2025
Data center suppliers
Tubacex (TUB) investor relations material
Tubacex Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Sales for the first nine months of 2025 reached €525.9M, with EBITDA at €84.6M (up 8.4% year-over-year) and a margin of 16.1%.
Net profit for the period was €16.7M, up 17.5% year-over-year, despite a 7.6% sales decline due to lower activity and adverse market conditions.
Profitability improved due to a favorable sales mix, premium product positioning, and the ADNOC licensing agreement.
Order backlog stands at €1,266M, concentrated in high-margin, value-added products for critical sectors.
Financial highlights
EBITDA margin improved to 16.1% (from 13.7% in 9M24), and EBIT margin rose to 9.6% (from 8.0%).
Net profit margin increased to 3.2% for 9M25, up from 2.5% in 9M24.
Net financial debt rose to €399.3M, with NFD/EBITDA at 3.5x, mainly due to working capital for the ADNOC contract.
Cash position at €124.8M and liquidity at €179.9M, with a solvency ratio of 34%.
Dividend of €25M paid; capex for the period was €47M, including investment in the Abu Dhabi plant.
Outlook and guidance
Positive outlook for profitability and deleveraging in 2026, with financial deleveraging expected in Q4 2025 as ADNOC-related billings and collections occur.
The order backlog, especially in high value-added products, supports continued strong margins.
The company is reassessing 2026 scenarios to secure margins and recover activity volumes.
Strategic plan targets for 2027 include EBITDA > €200M, revenue €1,200–1,400M, and NFD/EBITDA <2x.
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Frequently asked questions
Tubacex S.A. is a global manufacturer and distributor of seamless stainless steel tubes and pipes. The company specializes in providing high value-added products for industries such as oil and gas, power generation, petrochemicals, and other energy-related sectors. Its portfolio also includes fittings, hollow bars, and high-nickel alloy products. Tubacex operates internationally, with production and sales facilities across Europe, the Americas, and Asia, and offers end-to-end solutions from manufacturing to distribution. The company is headquartered in Llodio, Spain, and its shares are listed on the Madrid Stock Exchange.
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